EXAM 3 (CHAPTERS 8 & 9) January February 3 In the first six months of 2022, the The Shelf Company expected monthly sales of Cash Sales Credit Sales $20,000 $120,000 $25,000 $140,000 $37,000 $100,000 $32,000 $117,000 $42,000 $170,000 $50,000 $110,000 012759 March April May June The company's cost accountants have reviewed past sales and have determined this collection pattern: Collections on sales: 55% in month of sale Help Save & Ex Submit 35% in month following sale 10% in second month following sale On January 1, 2022, the accounts receivable balance was $71,000, of which $54,000 was left from December sales that had not yet been collected and $17,000 were from November sales that had not yet been collected. Budgeted cash collections during January by The Shelf Company would be: Multiple Choice